Pinkerton Retirement Specialists LLC Sells 2,142 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pinkerton Retirement Specialists LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,572 shares of the semiconductor manufacturer's stock after selling 2,142 shares during the period. Broadcom comprises 0.6% of Pinkerton Retirement Specialists LLC's holdings, making the stock its 29th biggest holding. Pinkerton Retirement Specialists LLC's holdings in Broadcom were worth $4,951,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Broadcom by 2.7% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 305,459 shares of the semiconductor manufacturer's stock worth $51,143,000 after purchasing an additional 7,888 shares during the last quarter. Melfa Wealth Management Inc. increased its position in shares of Broadcom by 3.5% in the first quarter. Melfa Wealth Management Inc. now owns 3,208 shares of the semiconductor manufacturer's stock worth $537,000 after acquiring an additional 108 shares in the last quarter. First Command Advisory Services Inc. increased its position in shares of Broadcom by 27.3% in the first quarter. First Command Advisory Services Inc. now owns 4,147 shares of the semiconductor manufacturer's stock worth $694,000 after acquiring an additional 890 shares in the last quarter. BluePointe Capital Management LLC increased its position in shares of Broadcom by 109.2% in the first quarter. BluePointe Capital Management LLC now owns 12,353 shares of the semiconductor manufacturer's stock worth $2,068,000 after acquiring an additional 6,448 shares in the last quarter. Finally, Grey Fox Wealth Advisors LLC increased its position in shares of Broadcom by 54.4% in the first quarter. Grey Fox Wealth Advisors LLC now owns 1,488 shares of the semiconductor manufacturer's stock worth $249,000 after acquiring an additional 524 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Down 0.0%

NASDAQ AVGO traded down $0.13 during trading on Wednesday, reaching $280.81. The company's stock had a trading volume of 15,016,636 shares, compared to its average volume of 28,007,422. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $1.32 trillion, a PE ratio of 105.17, a PEG ratio of 2.00 and a beta of 1.12. The business has a 50-day moving average price of $251.34 and a 200-day moving average price of $219.63. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $283.36.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $10.96 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insiders Place Their Bets

In other news, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 in the last three months. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVGO. Wells Fargo & Company lifted their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. UBS Group lifted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Rosenblatt Securities lifted their target price on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $292.08.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.